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The Mickeleson Group has invested $37,000 in a high-tech project lasting three years. Depreciation is $12,500,...

The Mickeleson Group has invested $37,000 in a high-tech project lasting three years. Depreciation is $12,500, $15,700, and $8,800 in Years 1, 2, and 3, respectively. The project generates pretax income of $4,190 each year. The pretax income already includes the depreciation expense. The tax rate is 30 percent.

What is the project’s average accounting return (AAR)? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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